晨会 hyzqdatemark 2025 年 12 月 15 日 投资要点： 证券研究报告 源引金融活水 润泽中华大地 重点企业，包括凯大催化、利通科技等。本周北交所科技成长股股价涨跌幅中值 +1.70%。 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 公用环保 BEST 项目招投标密集公示 关注核聚变供应链发展——大能源行业 2025 年第 50 周周报：2025 年四季度以来，核聚变领域国内重点项目——合肥 BEST 项 目招标规模放量明显：2025Q4 至今单季度招标规模达到约 26.2 亿元，较 2025Q3 招标规模约 6.2 亿元、2025Q2 中标规模 0.52 亿元、2025Q1 中标规模 2.63 亿元等 数据明显放量。招标类型方面，低温系统、磁体电源、ECRH 回旋管、超导线等招 标规模占据较大比重。随着本周（12 月 8 日-12 日）聚变新能发布 11 月多项较大 规模招标项目中标候选人公示，资本市场对核聚变关注度进一步上升。我们认为， 在2027年建成这一目标下，当前合肥BEST项目正逐渐迎来招投标及建设加速阶段， 后续招标规模有望进一步放大。随着中标结果发布，核聚 ...

证券之星消息，12月15日金属新材料板块较上一交易日下跌0.43%，中洲特材领跌。当日上证指数报收 于3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。金属新材料板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日金属新材料板块主力资金净流出13.45亿元，游资资金净流入2.15亿元，散户资 金净流入11.29亿元。金属新材料板块个股资金流向见下表： ...

（编辑 王江浩） 证券日报网讯 12月14日晚间，西部材料发布公告称，公司股票于2025年12月10日、11日、12日连续三 个交易日收盘价格涨幅偏离值累计超过20%，属于异常波动。经核实，公司前期披露信息无需更正，经 营情况正常，未发现应披露未披露重大事项，控股股东在波动期间未买卖公司股票。 ...

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights a mixed trend in prices for various materials, with cobalt prices declining while sulfuric cobalt prices have increased. The lithium price has reached approximately 92,000 yuan per ton, indicating a strong market for lithium-related materials [4][23] - The report suggests focusing on companies with cost advantages and expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 406,000 yuan per ton, down 0.5% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.78, down 1.0% [9][10] - Carbon fiber price remains stable at 83.8 yuan per kilogram, with a gross profit of -9.61 yuan per kilogram [21] New Energy Vehicle Materials - Sulfuric cobalt price is 90,200 yuan per ton, up 1.86% week-on-week. The price of lithium iron phosphate and 523-type cathode materials are 39,100 and 158,600 yuan per ton, respectively [23][36] - The production of new energy vehicles reached 1.88 million units in October 2025, with a penetration rate of 52.8%, up 3.39 percentage points [23][25] Photovoltaic New Materials - EVA price is 9,800 yuan per ton, down 1.0%, while the price of photovoltaic-grade polysilicon is stable at 6.50 USD per kilogram [2] Other Materials - Platinum price increased by 3.8% to 440 yuan per gram, while rhodium and iridium prices also saw slight increases [3][4] - The report emphasizes the importance of monitoring price trends in various materials to gauge industry health and investment opportunities [9][10]

Group 1: IPO Review Highlights - This week, the A-share IPO review market demonstrated high activity and efficiency, with 7 companies successfully passing the review, achieving a 100% approval rate and setting a record for the highest number of reviews in a single week this year [2] - The companies reviewed span across the core sectors of the Shanghai, Shenzhen, and Beijing stock exchanges, indicating a balanced distribution: 1 from the Shanghai main board, 1 from the Sci-Tech Innovation Board, 2 from the Growth Enterprise Market, and 3 from the Beijing Stock Exchange [2] - Among the 7 companies, 6 were accepted for review within a year, with 5 having submitted their applications only about six months ago, highlighting the capital market's role in supporting technological innovation and the real economy [2] Group 2: Company Financials - **Guangzhou Huigu New Materials Technology Co., Ltd.**: Revenue for 2022-2024 was 664 million, 717 million, and 817 million CNY, with net profits of 26 million, 106 million, and 146 million CNY respectively [3] - **Chengdu Hongming Electronics Co., Ltd.**: Revenue for 2022-2024 was 3.146 billion, 2.727 billion, and 2.494 billion CNY, with net profits of 690 million, 598 million, and 386 million CNY respectively [4] - **Anhui Linping Circular Development Co., Ltd.**: Revenue for 2022-2024 was 2.879 billion, 2.800 billion, and 2.485 billion CNY, with net profits of 154 million, 212 million, and 153 million CNY respectively [5][6] - **Shandong Yuelong Rubber and Plastic Technology Co., Ltd.**: Revenue for 2022-2024 was 189 million, 219 million, and 268 million CNY, with net profits of 47.9 million, 60.8 million, and 83.6 million CNY respectively [7] - **Youyan Metal Composite Materials (Beijing) Co., Ltd.**: Revenue for 2022-2024 was 414 million, 498 million, and 610 million CNY, with net profits of 24 million, 45 million, and 55 million CNY respectively [9] - **Jiangsu Yuanli Digital Technology Co., Ltd.**: Revenue for 2022-2025 was 502.85 million, 527.15 million, 544.88 million, and 285.49 million CNY, with net profits of 60.94 million, 73.85 million, 82.03 million, and 43.44 million CNY respectively [10] - **Guangdong Meiya Tourism Technology Group Co., Ltd.**: Revenue for 2022-2025 was 457.39 million, 353.51 million, 400.95 million, and 182.65 million CNY, with net profits of 23.96 million, 69.26 million, 75.02 million, and 36.16 million CNY respectively [11] Group 3: New Listings - **Bai Ao Sai Tu**: Listed on the Sci-Tech Innovation Board on December 10, 2023, after previously listing on the Hong Kong Stock Exchange, raising approximately 1.267 billion CNY [12] - **Transsion Holdings**: Plans to achieve dual listing in A-share and Hong Kong, with a projected smartphone shipment of 201 million units in 2024, capturing 14% of the global market share [13] - **Shangdingxin**: A power semiconductor supplier, has re-applied for listing on the Hong Kong Stock Exchange after a previous application lapsed [14] - **Dazhu CNC**: Previously listed on the A-share market, has submitted a second application for listing on the Hong Kong Stock Exchange [15] - **Huaxida**: Reapplying for listing after a previous application lapsed, focusing on smart home solutions [16] - **Xihua Technology**: A leading company in edge AI chips, showing significant growth with a compound annual growth rate of 67.8% from 2022 to 2024 [18] - **Ledong Robotics**: A leading intelligent robotics company, has submitted a second application for listing on the Hong Kong Stock Exchange, with cumulative losses of 212 million CNY over the past three and a half years [19]

Core Viewpoint - The company, Youyan Powder Materials, anticipates significant growth in demand for 3D printing powders driven by the commercial aerospace sector, which is expected to require approximately 40,000 satellites over the next decade [1] Group 1 - The commercial aerospace sector is experiencing rapid growth, leading to increased demand for satellite production [1] - The company expects its 3D printing segment to benefit from the anticipated demand in the commercial aerospace industry [1]

Core Viewpoint - The company has significant expertise in the preparation technology of spherical metal powders for additive manufacturing, which is crucial for meeting the high requirements of 3D printing materials [1] Group 1: Company Expertise - The company has been engaged in the development of spherical metal powders for additive manufacturing for a considerable time, indicating early involvement in this technology [1] - As a team under China Yuyuan Technology Group, the company possesses extensive experience and technical accumulation in the development of new materials and the low-cost, high-quality preparation of metal powders for additive manufacturing [1] - The company has successfully applied for patents in China, the United States, and the European Union for its aluminum alloy products, showcasing its strong intellectual property position [1] Group 2: Production Capabilities - The company has designed its own equipment for producing aluminum alloy products, which reflects its capability in creating tailored production solutions [1] - The production line is self-built, and the entire production process has been patented, indicating a robust competitive edge in manufacturing [1] - The performance of the aluminum alloy products produced by the company is reported to be excellent, with superior indicators and parameters [1]

Core Viewpoint - The company, Zhongyuan New Materials (603527), has indicated that its new materials business has a low export volume to EU countries, while its new energy business is in negotiation but has not yet commenced formal cooperation [1] Group 1: New Materials Business - The new materials business has only a small amount of products exported to EU countries, indicating a low export ratio [1] Group 2: New Energy Business - The new energy business is currently in discussions, with no formal cooperation established yet [1]

Core Viewpoint - As of December 10, 2025, the total number of shareholders for the company is reported to be 61,566 [2] Company Summary - The company has engaged with investors through an interactive platform, providing updates on shareholder numbers [2]

Core Viewpoint - The company has developed new materials such as silicon-aluminum alloy and aluminum carbide silicon, which are currently used in aerospace, optics, and integrated electronic packaging, as well as chip packaging. These materials are also applicable for the casing packaging of optical modules in CPO [1] Group 1 - The new materials are utilized in aerospace and optical fields [1] - The materials are suitable for integrated electronic packaging and chip packaging [1] - The company’s products can be applied in the casing packaging of optical modules in CPO [1]